Common use of Substitution of Members Clause in Contracts

Substitution of Members. A transferee of an Interest shall become a substitute Member, provided that (i) the Transfer was valid under Section 8.1 hereof and not voided by the Manager pursuant to Section 8.4 hereof, (ii) the transferee has become a party to this Agreement and (iii) the transferee pays any reasonable expenses in connection with his, her or its admission as a Member. A transferee who becomes a substituted Member has, to the extent transferred, all of the rights, powers and duties of a Member under this Agreement and the Statute.

Substitution of Members. A transferee of an a Membership Interest shall have the right to become a substitute Member, provided that Member only if (ia) the Transfer was valid under Section requirements of sections 8.1 hereof and not voided by 8.2 are met, (b) such transferee executes an instrument satisfactory to the Manager pursuant to Section 8.4 hereof, (ii) accepting and adopting the transferee has become a party to terms and conditions of this Agreement and (iiic) the such transferee pays any reasonable expenses in connection with his, her or its that transferee’s admission as a new Member. A transferee who becomes The admission of a substituted substitute Member has, to shall not result in the extent transferred, all release from any liability of the rights, powers and duties of a Member under this Agreement and Person who shall have assigned the StatuteMembership Interest.

Substitution of Members. A transferee Transferee of an a Membership Interest shall have the right to become a substitute Member, provided that Member only if (ia) the Transfer was valid under Section 8.1 hereof requirements of sections 7.1, 7.2 and not voided by the Manager pursuant to Section 8.4 hereof7.4 are met, (iib) such Transferee executes an instrument satisfactory to the transferee has become a party to Directors accepting and adopting the terms and conditions of this Agreement and (iiic) the transferee such Transferee pays any reasonable expenses in connection with his, her or its that Transferee's admission as a new Member. A transferee who becomes The admission of a substituted substitute Member has, to shall not result in the extent transferred, all release from any liability of the rights, powers and duties of a Member under this Agreement and Person who shall have assigned the StatuteMembership Interest.

Substitution of Members. A transferee of an Interest shall become a substitute Member, provided that (i) the Transfer was valid under Section 8.1 hereof and not voided by the Manager Managers pursuant to Section 8.4 8.2 hereof, (ii) the transferee has become a party to this Agreement and (iii) the transferee pays any reasonable expenses in connection with his, her or its admission as a Member. A transferee who becomes a substituted Member has, to the extent transferred, all of the rights, powers and duties of a Member under this Agreement and the Statute.